Albany, NY -- (SBWIRE) -- 09/05/2018 -- Global Butyric Acid Derivatives Market: Snapshot
The global market for butyric acid derivatives has gained significantly over the last few years. The increasing consumption of meat and poultry products is having the most prominent impact on the demand for butyric acid derivatives across the world. The market, which stood at US$227.5 mn in 2015, is likely to be driven substantially by the rising shift in consumers' preference from beef and ruminant meat to chicken and pork in the next few years at a CAGR of 10.30% between 2016 and 2024. By the end of this period, the opportunity in this market is estimated to reach a value of US$ 542.8 mn.
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Although the future of this market looks thriving, the emergence of propionic acid, propionates, and formic acid as a substitute of butyric acid derivatives may hamper the market' growth to some extent over the next few years.
Asia Pacific to Continue on Top
On the basis of region, the worldwide market for butyric derivatives is led by Asia Pacific and is expected to continue being so over the next few years due to the high production of meat in this region. In 2015, this regional market accounted for a share of more than 35% in the overall market. The increasing production of pork and poultry meat in Asian economies, especially China and India, is likely to ensure the lead of this region in the near future.
Asia Pacific is closely followed by Europe on account of the prohibition on the usage of antibiotics in many European countries in order to improve the meat yield from farm animals. This has created massive opportunities for butyric acid derivatives to be used as a substitute for antibiotic growth promoters, leading to an impressive rise in the Europe market for butyric acid derivatives in the years to come.
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North America is also anticipated to witness significant growth in their market share over the forthcoming years. With North America being a leading producer of chicken and turkey meat in the world, the demand for butyric acid derivatives in the poultry segment is remarkably high in this region. The increasing demand for white meat in North America is likely to create lucrative opportunities for the growth of this regional market in the next few years.